Hi

We regularly send money from Singapore (SGD) to our account in Europe (Euro) using a third party currency exchange and transfer service.  

step 1 - we agree a rate (EUR/SGD 1.6) with Currency Fair in Singapore and transfer S$8,000 to their account in Singapore.

step 2 - they credit our account in Ireland in Euro 5,000.

step 1 is the debit an expense or transfer or something else (suspense account).  Can you suggest the entries so we can do this consistently?